……….As NIFIC 2026 edition ends in Accra
by: Mohammed A. Abu
Ghana’s financial sector stakeholders comprising the key regulatory institutions, captains of industry, local and external non-Interest finance industry experts and members of the academia representing diverse faiths, have unanimously emphasized that non-interest banking is entirely universal and ethical.
It is focused, they contended, on risk-sharing, fairness, and transparency rather than serving as a faith-exclusive platform as the curtains were dawn on the Islamic Finance Research Institute of Ghana (IFRIG’s) hosted Islamic Finance International Conference (NIFIC) 2026 edition in Accra, Saturday.
Key Guests/Leadership
Held under the theme, “Does Non-Interest Banking Belong to a Particular Group?” the initial key Guests were Dr. Johnson P. Asiama, Governor of Bank of Ghana,the Special Guest of Honour whose remarks was to be delivered on his behalf by his Special Advisor on NIBF,Prof Gatsi,and Dr.(Hon) James Klutse Avedzi, Director General of the Securities Exchange Commission (SEC),the Chairman for the occasion who was to be represented by Dr. George Baah-Danquah,a finance,accounting professional and investment banker.and the event host, the Director General of IFRIG, Dr. Shaibu Ali.
Panel Sessions & Key Speakers
The event featured multi-sectoral speakers across plenary sessions, including Prof. Bashir Aliyu Umar, Rev. Prof. Joseph Mbawuni, Mr. Joe Jackson, Attahiru Maccido, Mrs. Magdalene Ewuraesi Apenteng, Mr. Sherif Heiman Shaban, Mr. Robert Kwasi Atsrim, Mr. Steve Kyalo Muia, Mr. Yusif Geoffrey, alongside institutional representatives from the Bank of Ghana and the National Insurance Commission.
Key Takeaways
Universal Inclusivity: Panelists dismantled the misconception that non-interest banking or Islamic finance is strictly for a specific religious demographic. They positioned it as an ethical, universally applicable alternative financing model for all Ghanaians
Sovereign Sukuk as Sustainable Debt Relief: A major focal point was exploring the deployment of Sukuk (non-interest bonds) as a sustainable avenue for Ghana to finance infrastructure development and bridge economic gaps without escalating its standard interest-bearing public debt.
Expansion of Takaful (Non-Interest Insurance): Financial regulators and stakeholders highlighted the need to develop robust frameworks for Takaful. This provides ethical insurance mechanisms to boost overall national financial inclusion and financial health.
Regulatory Partnerships: Speakers—including regional experts like Prof. Bashir Aliyu Umar from the Central Bank of Nigeria—emphasized that expanding non-interest financial products requires collaborative regulatory adaptation across the Bank of Ghana, the Securities and Exchange Commission (SEC), and the National Insurance Commission (NIC)
NIBF’s Complementary and not competitor role: The various speakers and panelists also underscored the complementary role of non-interest finance to its conventional counterpart and the fact that, it is never out to compete with it nor replace it. Thus, peaceful co-existence between non-interest banks and non-banking financial institutions and their conventional counterparts, it is a time tested and proven reality attested to, all over Africa and across the globe.
Special Guest of Honour Remarks
In his Special Guest of Honour remarks delivered on his behalf by his Special Advisor on Non-interest banking and finance, Professor Gasti, Dr. Johnson P. Asiama, the Governor of Bank of Ghana noted that non-interest banking attracts individuals and businesses that may be excluded from conventional banking due to interest burden and personal preferences. A conference of this nature, he intimated, helps stakeholders develop strategies to expand access to financial services and deepen financial inclusion. This is one of the cardinal reasons why non-interest banking is crucial for the Bank.
Real Economy Sector Financing gaps
“Issues of financial exclusion do affect Small-Scale Enterprises, individuals and entrepreneurs” Dr. Asiama noted, adding, “Our non-interest banking model is to contribute hugely to financial inclusion to improve complementary access to financing in the interest of the economy”.
Benefits of Conferences
Conferences, he said, bring together regulators, academics, bankers, investors, legal practitioners, and development partners to, exchange knowledge on global best practices, discuss emerging trends and innovations in non-interest banking, build technical expertise among industry practitioners, learn from thriving jurisdictions such as Kenya, Malaysia and Nigeria who are represented in this conference.
Dr. Asiama said that the Bank developed a regulatory framework that took into consideration lessons from many jurisdictions- both secular and non-secular, we undertook extensive consultations with key stakeholders to develop a progressive and inclusive regulatory framework that promotes non-interest banking on a non-discriminatory basis.
Supporting Regulatory and Policy Development
The growth of non-interest banking, Dr. Asiama noted, requires appropriate regulatory and supervisory frameworks. Conferences provide an opportunity for regulators and policymakers to engage industry players on, prudential regulations, consumer protection, liquidity management, tax neutrality and governance standards.
“These critical pillars of regulations have been adequately provided for in our Guideline for the regulation and supervision of non-interest banking in Ghana.
Ghana’s Unique Selling Points
“While some countries started non-interest banking operations without a concrete regulation or with inadequate regulatory framework, the Bank of Ghana Dr. Asiama noted, has taken time to put a comprehensive regulation described by some of our peers as forward looking with regulatory clarity.
“The inception and growth of non-interest banking to support real economic activities to complement conventional banking products, depends on robust regulation as we have put in place”.
The Bank has engineered comprehensive and inclusive development of non-interest bond market and issuance, Dr. Asiama said, to augment one another for effective liquidity management arrangements by following global standards.
License Applications
As a result of sound regulatory framework, the Bank he disclosed, has received three licence applications, which are currently under rigorous review and consideration.
Mobilizing Investment and Economic Development
Non-interest banking, Dr. Asiama said, can mobilize significant domestic and international capital through instruments such as Sukuk (Non-interest bonds), equity-based financing, and other innovative products.
I hope, he said, this conference creates opportunities for investors and financial institutions to identify investment opportunities that support infrastructure, SMEs, housing, agriculture, and renewable energy projects.
Sukuk Issuance Worldwide
Global sukuk issuance,Dr.Asiama noted,reached approximately US$291.4 billion in 2025 and is projected to continue growing in the coming years.
Non-Interest Assets Growth Projections
The non-interest assets, Dr. Asiama said, have been projected to US$10.5trillion by 2030 with average annual growth of 9%. The market also creates opportunities for sustainable and Green sukuk.
An Opportunity for Ghana
Ghana, Dr. Asiama said, must join the beneficiaries of non-interest financing instruments for the expansion of strategic infrastructure of the country. This why the Bank of Ghana coordinated with National Insurance Commission and Securities and Exchange Commission he said, to expand the frontiers of financial instruments and products to achieve greater choice and inclusion.
Encouraging Ethical and Sustainable Finance
The principles of non-interest banking, Dr. Asiama notes, emphasize, transparency, fairness, shared risk and reward, real economic activity and social responsibility from development point of view.
Positioning the Country as a Financial Hub
For countries such as Ghana, he intimated, hosting a non-interest banking conference demonstrates commitment to financial sector diversification and can attract international investors, development partners, and financial institutions seeking opportunities in non-interest banking and inclusive finance.
The Bank of Ghana he said, is working to ensure non-interest banking becomes attractive with traffic in trade finance, agricultural support and infrastructure financing. I encourage both non-interest investors and institutions to develop interest in Sukuk to enhance a diversified financial markets instrument.
Contributing to National Economic Growth
A well-developed non-interest banking sector, Dr. Asiama noted can, increase financial sector depth, support entrepreneurship and SME growth, mobilize long-term funds for development, create employment opportunities, enhance financial stability through asset-backed financing.
Chairman’s Opening Remarks
Dr.George Baah-Danquah
In his opening remarks Dr. George Baah-Danquah who stood in for the Chairman of the occasion the Director General of SEC while acknowledging the significant number of efforts made by the stakeholders and development partners towards advancing the course of the non-interest finance in Ghana, also noted that one of the most compelling arguments in favour of non-interest banking has been its contribution to financial inclusion
Dr. Baah-Danquah also underscored the importance of non-interest banking and finance supplementary role in addressing the financing gaps in areas its conventional counterpart hasn’t been able to fully addressing citing small scale enterprises, and other vital areas of the economy with particular reference to agriculture.
In a solidarity message delivered on his behalf by his Special Aid, Shiekh Armiyao, His Eminence, the National Chief Imam, Shiekh Uthman Sharubutu, commended IFRIG and the Bank of Ghana for their tireless efforts towards factoring non-interest banking into Ghana’s development agenda
